Chibougamau Copper-Gold Project, Canada Positive assay results at Golden Eye point to growth in Indicated Resources Latest assays from Golden Eye deposit within the Chibougamau Project include intervals of up to 105.5g/t AuEq over 1.0m
Cygnus Metals Limited
Level 2, 8 Richardson Street, West Perth WA 6005
T: +61 8 6118 1627 E: [email protected] W: www.cygnusmetals.com
ASX: CY5 | TSXV: CYG
OTCQB: CYGGF
15 April 2026 – Toronto, Canada
16 April 2026 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Positive assay results at Golden Eye point
to growth in Indicated Resources
Latest assays from Golden Eye deposit within the Chibougamau Project include
intervals of up to 105.5g/t AuEq over 1.0m
HIGHLIGHTS:
• Infill drilling at Golden Eye has returned high-grade gold intervals of up to 105.5g/t AuEq over 1.0m,
alongside copper grades of up to 11.9% Cu over 0.8m
• Results reported today reconcile well against the block model and confirm continuity of gold
mineralisation; These include:
o 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A)
Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag)
o 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A)
o 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13)
Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag)
o 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14)
Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag)
• These results highlight the strong potential to grow the Indicated Resource as well as the scope for
further extensions
• Golden Eye Mineral Resource stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt
at 4.6g/t AuEq for 182koz AuEq (Inferred)1
• There remains a number of assay results pending following finalisation of exploration activity at
Golden Eye on 8 April 2026, with around 5,632m of drilling completed from the engineered ice pad
• Exploration continues across multiple targets with a detailed Induced Polarisation (‘IP’) survey at
the Joe Mann property almost finished. This program aims to help generate walk up drill targets in
a highly sought-after gold district.
Cygnus Executive Chairman David Southam said: “These results are some of the best intervals
recorded at the Golden Eye deposit which is unmined, near surface and has existing
infrastructure in place.
“Assay results reported today for gold, silver and copper confirm the high-grade nature of the
deposit and continuity, with the perfect blend of commodities.
“These results will form part of the next resource update, including the revised Indicated
Resource”.
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Cygnus Metals Limited 2
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce high-grade results from drilling at the Golden Eye deposit within its Chibougamau Copper-Gold
Project in Quebec.
Recent drilling has been targeting both resource conversion and extension, looking to expand the current
Mineral Resource.
The latest results from infill drilling include significant high-grade intersections of up to 105.5g/t AuEq over
1.0m. These high-grade gold intercepts are complemented by impressive copper grades of up to 11.9% over
0.8m, plus silver grades of up to 142g/t over 0.8m. Significant results include:
o 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A);
Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag)
o 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A);
o 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13); and
Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag)
o 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14)
Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag)
The infill drilling reconciles well against the block model and further confirms the strong continuity of the
mineralisation to a 50m spacing. Results from the recent drilling will be used to update the Mineral Resource
and convert more resources to the Indicated category. The Golden Eye Mineral Resource currently contains
0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred).1
The drill program at Golden Eye has now concluded, although two rigs are expected to continue drilling over
the next quarter at other targets in the project portfolio. The strategy remains focussed on resource growth
and resource conversion to drive the Chibougamau Project forward towards development and deliver
maximum returns to shareholders.
Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping
to unlock this historic district, enabling the Company to continue to build upon the existing high-grade copper-
gold resources with low -risk brownfield exploration. The team is continuing to unlock the region with more
targets to be tested from the compilation pipeline including the Joe Mann, Copper Rand and Gwillim areas.
The Chibougamau area has well -established infrastructure giving the Project a significant head start as a
copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local
mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site.
Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km
radius which includes a number of other advanced copper and gold projects.
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Cygnus Metals Limited 3
Figure 1: Golden Eye resource with recent infill results of up to 5.9m @ 28.8g/t AuEq.
Figure 2: Three drill rigs completing the Golden Eye resource conversion program on the engineered ice pad (March
2026).
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Cygnus Metals Limited 4
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam Nicholas Kwong Media:
Executive Chair President & CEO Paul Armstrong
T: +61 8 6118 1627 T: +1 416 892 5076 Read Corporate
E: [email protected] E: [email protected] T: +61 8 9388 1474
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration
and development company with projects in Quebec, Canada and Western Australia. The Company is
dedicated to advancing its Chibougamau Copper -Gold Projec t in Quebec with an aggressive exploration
program to drive resource growth and develop a hub- and-spoke operation model with its centralised
processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the
world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus
team has a proven track record of turning exploration success into production enterprises and creating
shareholder value.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves;
planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate
objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be
relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties
concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking
statements/projections based on new information, future events or otherw ise except to the extent required by applicable
laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors,
officers, agents, employees or advisors give any representation or warranty, expr ess or implied, as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly,
to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advis ers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, i n
respect of the accuracy or completeness of the information or for any of the opinions contained in this releas e or for any
errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
1. Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October
2025 titled "NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada" prepared in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Joint
Ore Reserves Committee (JORC) Code (2012 Edition).
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the
Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly
represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options and performance
rights in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas
Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style
of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves”. Mr Beaupre consents to the inclusion in this release of the matters based on the information
in the form and context in which they appear.
The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in
accordance with the JORC Code 2012 and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource
Update’ released to the ASX on 17 September 2025. Details of the Mineral Resource Estimate are included in Appendix B.
Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well
as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix B of this
release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in
Appendix A of this release. Metal equivalents for the exploration results in this announcement have been calculated at a
copper price of US$9,3 70/tonne, gold price of US$2,400/oz and silver price of US$30/oz, with copper equivalents
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Cygnus Metals Limited 5
calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.73681)+(Ag(g/t) x 0.00921) and gold equivalents are
calculated based on the formula AuEq(g/t) = Au(g/t) + (Cu(%) x 1.35719) + (Ag(g/t) x 0.0125). Metallurgical recovery factors
have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery
assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau
Processing Facility, and the metallur gical results contained in Cygnus’ announcement dated 28 January 2025. It is the
Company’s view that all elements in the copper and gold equivalent calculations have a reasonable potential to be
recovered and sold.
Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in
the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms
that the form and context in which the Competent Persons’ findings are presented have not been materially modified from
the original market announcements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Cygnus Metals Limited 6
APPENDIX A – Significant Intersections from Exploration Drilling
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the
appropriate reporting precision. At Golden Eye significant intersections reported above 2g/t AuEq over widths
of greater than 1m. True width estimated to be between 70-90% of downhole thickness.
Hole ID X Y Z Depth
(m) Azi Dip From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
LDR-26-11A 549570 5525254 376 297 240 -65 256.9 261.4 4.5 1.8 0.3 4.0 2.3
LDR-26-12A 549345 5525425 376 333 213 -64 232.3 240.0 7.7 2.7 0.8 8.2 4.0
& 274.0 279.9 5.9 24.8 2.7 31.5 28.8
Including 276.8 277.8 1.0 102.9 1.4 53.0 105.5
LDR-26-13 549485 5525287 376 270 221 -65 216.1 227.5 11.5 2.5 1.1 26.1 4.3
Including 226.7 227.5 0.8 13.3 11.9 141.8 31.2
LDR-26-14 549385 5525395 376 291 211 -58 197.9 204.6 6.7 4.4 1.0 9.0 5.9
Including 202.0 204.0 2.0 10.3 2.4 21.0 13.8
& 264.85 271.2 6.3 2.6 0.7 8.6 3.6
Including 266 268.6 2.6 5.7 1.0 12.3 7.2
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Cygnus Metals Limited 7
APPENDIX B – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025
Cu
Project Classification
COG
CuEq Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
% Mt % g/t g/t % g/t kt koz koz kt koz
Corner
Bay
Indicated 1.2 4.9 2.5 0.3 8.4 2.8 4.1 124 43 1,316 137 638
Inferred 5.4 2.7 0.2 8.9 3.0 4.3 146 41 1,543 159 744
Devlin
Measured
1.5
0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 0.6 2.0 0.2 0.2 2.1 3.4 13 4 5 13 69
M&I 0.8 2.1 0.2 0.3 2.3 3.6 16 5 7 17 88
Inferred 0.3 2.0 0.2 0.3 2.1 3.4 7 2 3 7 36
Joe
Mann Inferred 2.0 0.7 0.2 6.0 - 4.6 6.3 2 143 - 34 151
Cedar
Bay
Indicated
1.8
0.3 1.6 6.0 9.9 6.4 8.1 4 50 82 16 67
Inferred 0.8 2.0 5.1 11.8 6.1 7.8 17 134 309 50 205
Golden
Eye
Indicated 0.5 1.0 4.3 9.9 4.4 5.6 5 69 161 22 91
Inferred 1.2 0.9 3.4 7.9 3.6 4.6 11 134 313 45 182
Project Classification Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
Mt % g/t g/t % g/t kt koz koz kt koz
Hub
and
Spoke
Measured 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 6.3 2.3 0.8 7.8 3.0 4.3 146 166 1,563 189 865
M&I 6.4 2.3 0.8 7.6 3.0 4.3 149 167 1,565 193 884
Inferred 8.5 2.1 1.7 7.9 3.5 4.8 182 454 2,168 295 1,318
Notes:
1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper -Gold project, incorporating the Corner Bay, Devlin, Joe Mann,
Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101.
2. Mineral Resources are estimated using a long- term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of
US$30/oz, and a US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut- off grade of 1.8
g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m 3) to 3.02t/m3 for the estimation domains and 2.0 t/m 3 for the
overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of
2.90 t/m³ for the estimation domains.
5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%,
gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is
91%, gold is 87%, and silver is 80%.
6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table.
Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical
recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable
potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin
= grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and
(D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin =
grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D)
Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5
m at Cedar Bay and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12. Totals may vary due to rounding.
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Cygnus Metals Limited 8
APPENDIX C – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
• All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under
the supervision of a registered professional geologist as a Qualified Person (QP) who is
responsible and accountable for the planning, execution, and supervision of all exploration
activity as well as the implementation of quality assurance programs and reporting.
• All Cygnus drilling reported is NQ size (47.8 mm diameter).
Include reference to measures taken to ensure sample
representativity and the appropriate calibration of any
measurement tools or systems used.
• All sample collection, core logging, and specific gravity determinations were completed by
Cygnus Metals under the supervision of a professionally qualified registered geologist.
• NQ core was marked for splitting during logging and is sawn using a diamond core saw
with a mounted jig to assure the core is cut lengthwise into equal halves.
• Half of the cut core is placed in clean individual plastic bags with the appropriate sample
tag.
• QA/QC is done in-house by Cygnus Metals geologists with oversight from the Senior
Geologist. The check samples (blanks and standards – 4% of total samples with another
2% of core duplicates taken on half split core) that were inserted into the sample batches
are verified against their certified values and are deemed a pass if they are within 3
standard deviations of the certified value. The duplicates are evaluated against each other
to determine mineralization distribution (nugget). If there are large discrepancies in the
check samples, then the entire batch is requested to be re-assayed. The samples are then
placed in bags for shipment to the offsite laboratory’s facility.
• The remaining half of the core is retained and incorporated into Cygnus’s secure, core
library located on the property.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’).
In other cases more explanation may be required, such
as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of
detailed information.
• Industry standard sampling practices were used with sample lengths ranging from 0.3 m to
1.0 m and respected geological contacts. Sample tags were placed at the beginning of
each sample interval and the tag numbers were recorded in a centralised database.
• Sampling practice is considered to be appropriate to the geology and style of
mineralisation.